Income Contingent Repayment and Undergrad Loans

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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Rory19
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Joined: Sat Jan 12, 2013 3:14 am

Income Contingent Repayment and Undergrad Loans

Postby Rory19 » Mon Jun 10, 2013 6:43 pm

My undergraduate loans are currently in income-contingent repayment at $0 a month. Should I even bother applying for deferment when school starts in the fall? Anyone want to hash out the pros and cons of ICR vs. Deferment while in law school?

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redecember
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Joined: Sat Dec 01, 2012 7:38 pm

Re: Income Contingent Repayment and Undergrad Loans

Postby redecember » Wed Jul 24, 2013 2:04 am

Bump.

Curious as well.

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arkgawilson
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Joined: Sun Oct 21, 2012 6:33 pm

Re: Income Contingent Repayment and Undergrad Loans

Postby arkgawilson » Wed Aug 14, 2013 8:47 am

redecember wrote:Bump.

Curious as well.


I talked to my servicer about this as I was at a non profit and was going to try to do public service loan forgiveness because I owe about a million dollars to my doc program...well, not a million, but a lot. Anyways, what my servicer told me is that the law school will report you as in school status about every 2 months (or month) depending on when the school reports, and this would send your loans (regardless of whether they are in repayment at 0/month) back into school status, and will actually mess up any consecutive payments (like if you are trying to get 120 in a row). So basically I was told to enjoy in school status....

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A. Nony Mouse
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Joined: Tue Sep 25, 2012 11:51 am

Re: Income Contingent Repayment and Undergrad Loans

Postby A. Nony Mouse » Wed Aug 14, 2013 9:23 am

Keep in mind that for PSLF, your payments don't need to be consecutive - you just need to make 120 of them. So in school status doesn't start you over again or anything (for pre-LS loans). Granted, no, you won't get that sweet $0/mo. income-based payment, which is a shame.




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